Research Nester has released its report titled “Global Artificial Intelligence in Food and Beverages Market: Global Demand Analysis & Opportunity Outlook 2020-2027” that delivers detailed overview of the global artificial intelligence in food and beverages market in terms of market segmentation by application, organization size, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global artificial intelligence in food and beverages market comprises of three segments which are segmented by application, organization size and by end user. The market is estimated to grow at a robust CAGR over the forecast period (2020-2027).
The growth of the market is driven by various factors such as dynamic changes in the buying pattern of consumers who are preferring quick service of food that can be readily available at costs that are affordable to the consumer. Additionally, there is a growing need to understand consumer buying behaviour based on the past purchase history that would reflect a pattern in the purchase of consumers by using AI-enabled algorithms, in order to predict sales for a specified period. Moreover, transparency in the working of enterprises can be brought in by effectively managing the supply chain including tracking of food and beverages starting from farmer till the consumer.
Food and Agriculture Organization (FAO) of the United Nations has mentioned that nearly 1.3 billion tonnes of food produced in the world for human consumption goes waste every year. Additionally, the process of sorting of food items which consumes additional time is now being shifted to automation using AI, as it could help companies reduce their labour costs, thereby help to reduce waste and ensure better yields to maintain good quality.
The global AI in food and beverages market is segmented into five major regions comprising of North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in North America is predicted to occupy the highest market share, owing to the interest among the general population in the region to adopt AI in food and beverages. The market in Asia Pacific region, especially in countries such as China and India are witnessing a gradual shift to AI enabled system in food and beverages industry, with few market players showing interest in adopting AI in their business operations.
However, global AI in food and beverages market may face some barriers to its growth, owing to various factors such as stringent regulatory compliances related to food and safety processes to be followed. Moreover, the inventory is required to be checked including ensuring food quality meets with the standard requirements that entail huge costs for the companies. Moreover, automated machines are costly and the requirement for upgradations continuously or making new purchases could involve considerable costs for the company that may lead to more delays in moving forward in the decision-making process for companies. Additionally, there might be reduction in manual labour causing unemployment due to adoption of automation for improving productivity and efficiency. All of these factors are anticipated to restrain the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global AI in food and beverages market which includes company profiling of key companies such as Rockwell Automation, Inc. (NYSE: ROK), Raytec Vision SpA, ABB Ltd. (NYSE: ABB), Honeywell International, Inc. (NYSE:HON), Duravant LLC, TOMRA Systems (TMRAY) Oslo Stock Exchange, GREEFA, Sesotec GmbH, Martec Of Whitwell Ltd. and Buhler Holding AG.
The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global AI in food & beverages market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.